Supernet earns Rs241m
MG News | October 09, 2024 at 09:29 AM GMT+05:00
October 09, 2024 (MLN): Supernet Limited (PSX: GEMSPNL) posted a 28.1% higher consolidated profit after tax of Rs241.29 million [EPS: Rs1.93] in financial year 2024 as its sales surged.
That compares to a profit of Rs188.32m [EPS: Rs1.50] recorded last year.
The company's revenue soared 116.9% to Rs8.5 billion as compared to Rs3.92bn in FY23. Gross profit increased by 24.2% to Rs1.4bn.
The gross margins, however, worsened to 16.49% as compared to 28.78% last year.
Other income marked an increase of 7.6% to stand at Rs26.55m in FY24 as compared to Rs24.68m in FY23.
On the expense side, the company's administrative & other expenses rose 24.8% from last year to Rs640.63m, while distribution costs rose 10.6% to Rs225.21m.
The company’s finance cost also went up by 17.8% to Rs51.32m as compared to Rs43.57m in FY23.
On the tax front, the company paid a significantly higher tax worth Rs145.61m against the Rs26.65m paid last year, depicting an increase of 446.5%.
That translates to an effective tax rate of 37.6% as against 12.4% last year.
| Consolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 8,502,287 | 3,919,991 | 116.90% |
| Cost of sales | (7,100,668) | (2,791,861) | 154.33% |
| Gross profit/ (loss) | 1,401,619 | 1,128,130 | 24.24% |
| Administrative & other expenses | (640,634) | (513,144) | 24.84% |
| Distribution costs | (225,208) | (203,663) | 10.58% |
| Exchange loss | (44,948) | (111,044) | -59.52% |
| Levy | (79,156) | (66,419) | 19.18% |
| Other income | 26,546 | 24,680 | 7.56% |
| Finance cost | (51,318) | (43,573) | 17.77% |
| Profit/ (loss) before taxation | 386,901 | 214,967 | 79.98% |
| Taxation | (145,612) | (26,645) | 446.49% |
| Net profit/ (loss) for the period | 241,289 | 188,322 | 28.13% |
| Basic earnings/ (loss) per share | 1.93 | 1.50 | - |
Amount in thousand except for EPS
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